McGowan acquires Limit

The McGowan Companies announced the acquisition of Limit, “the nation’s leading” AI-enabled, digital, wholesale insurance brokerage, via an asset purchase agreement.

Limit has two divisions: Limit Wholesale, and Limit AI. Limit Wholesale specializes in cyber liability and technology E&O. Insurance agents can use Limit to shop “up to 100 insurance markets.”. Other lines of business will be added to Limit in the near future.

Limit AI offers a set of tools that allow retail and wholesale insurance brokerages to compare quotes, compare policies, analyze coverage, and prepare customer correspondence.

Limit, which was founded in 2020, publicly disclosed ~$14 million in funding.

After the transaction is closed, Limit will continue to operate under the Limit brand, within The McGowan Companies envelope, led by Shea McNamara, and all staff will remain in place.

“Since its founding, Limit Wholesale has been ‘breaking the mold’ of the wholesale insurance brokerage industry and has become the “go to” digital market for Cyber Liability and Tech E&O. Further, Limit AI’s Digital Assistant has become the “go to” online Risk Management facility. Being part of The McGowan Companies will accelerate and expand our mission of empowering retail insurance brokerages, of all sizes, to be faster, smarter, and more competitive.” He continued: “McGowan has unmatched depth in specialty insurance, with its large portfolio of specialty MGUs, wholesale insurance brokerages, and program managers. With McGowan’s position in the market and its multi-vertical offerings, overlaid with Limit’s AI-enabled digital platform, we’re creating the ‘gold standard’ for how insurance is underwritten, distributed and serviced around the world.” – Shea McNamara, Limit’s Facility Director – Sales & Operations.

“This acquisition fits exceptionally-well with McGowan’s national and international growth strategy. We are very pleased to add Limit’s technology enabled suite of products and services to our diverse portfolio of companies. With the acquisition of Limit, we aim to empower retailers around the world with faster and cleaner access to markets, smarter sales and marketing tools, and more data-backed Risk Management solutions than ever before. Shea and his team have a strong tradition of providing exemplary products and services to Limit’s clients… a tradition we intend to honor and continue.” – Thomas B. McGowan, IV, President/CEO of The McGowan Companies.